Rockwell Automation rebuffs sweetened Emerson bid

Christopher Goodney | Bloomberg | Getty Images

Keith Nosbusch, chairman of Rockwell Automation.

Rockwell Automation on Wednesday rejected rival Emerson Electric’s sweetened $29 billion takeover offer, saying the bid undervalued the industrial automation company.

Rockwell said its board of directors was unanimous in rejecting Emerson’s proposal.

Rockwell Chief Executive Blake Moret has previously said he wants to stick with delivering the company’s factory automation equipment on a single platform.

“Bigger is not always better for driving growth and value creation,” Moret said in a statement on Wednesday.